Developer Concealed Hundreds of Millions in Taxes

A construction company developing a multi-apartment building in Yerevan has concealed more than 246 million Armenian drams in taxes. The information was reported by the press service of the Investigative Committee of Armenia.

It is noted that the developer received a construction permit from the Yerevan community in 2020 for the construction of a multi-apartment residential building in the Davtashen 2nd district. The company was issued a completion certificate on January 22, 2024. As of April 18, rights to 14 apartments have been registered, valued at a total of 202,565,000 Armenian drams.

“For the months of February, March, and April 2024, the specified company submitted consolidated declarations for value-added tax and excise tax, in which tax objects were concealed, specifically, the tax bases resulting from the supply of goods and the registration of ownership rights to real estate were not reflected. As a result, the state has incurred damage amounting to 246,661,988 Armenian drams,” the Investigative Committee reports.

The company has paid 100 million drams of the damage to the state budget. The pre-investigation continues.